v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating activities        
Net income $ 3,455 $ 2,714 $ 9,198 $ 8,889
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation and amortization 3,452 3,408 10,703 9,752
Stock-based compensation expense 197 227 620 613
Deferred income tax expense 637 797 2,212 2,505
Bad debt expense 437 337 1,261 925
Losses from sales of receivables 15 17 52 58
Impairment expense 0 278 0 278
Changes in operating assets and liabilities        
Accounts receivable (9) (366) (669) (797)
Equipment installment plan receivables (9) 44 39 133
Inventory (892) (537) (664) (591)
Operating lease right-of-use assets 969 929 3,130 2,667
Other current and long-term assets (122) (322) (443) (983)
Accounts payable and accrued liabilities (421) 890 (1,094) 729
Short- and long-term operating lease liabilities (979) (936) (3,173) (2,720)
Other current and long-term liabilities 334 (239) 222 (409)
Other, net 277 216 669 247
Net cash provided by operating activities 7,341 7,457 22,063 21,296
Investing activities        
Purchases of property and equipment, including capitalized interest of $(7), $(13), $(20) and $(33) (2,270) (2,639) (7,596) (7,486)
Purchases of spectrum licenses and other intangible assets, including deposits (324) (1,590) (834) (2,505)
Proceeds from the sale of property, equipment and intangible assets 2,927 18 3,038 2,091
Acquisition of companies, net of cash acquired 0 (2,797) (1) (3,523)
Investments in unconsolidated affiliates, net 4 (3,072) 1 (4,055)
Other, net 21 (59) (151) 371
Net cash provided by (used in) investing activities 358 (10,139) (5,543) (15,107)
Financing activities        
Proceeds from issuance of long-term debt, net 498 498 6,891 8,266
Repayments of financing lease obligations (331) (318) (995) (964)
Repayments of long-term debt (1,367) (828) (9,138) (4,564)
Repurchases of common stock (2,418) (2,479) (9,564) (7,528)
Dividends on common stock (1,089) (987) (3,310) (2,986)
Tax withholdings on share-based awards (86) (92) (271) (394)
Other, net (55) (32) (83) (80)
Net cash used in financing activities (4,848) (4,238) (16,470) (8,250)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash 0 0 0 13
Change in cash and cash equivalents, including restricted cash 2,851 (6,920) 50 (2,048)
Cash and cash equivalents, including restricted cash        
Beginning of period 3,175 10,585 5,976 5,713
End of period $ 6,026 $ 3,665 $ 6,026 $ 3,665